Carryback Contributions Clause Samples
The Carryback Contributions clause defines the process by which a party can make additional contributions to a partnership or entity to cover prior period losses or shortfalls. In practice, this clause allows members to inject funds retroactively to address deficits that occurred in previous accounting periods, ensuring that the entity remains financially compliant or meets specific financial covenants. Its core function is to provide a mechanism for correcting past underfunding, thereby maintaining the financial stability and integrity of the partnership or entity.
Carryback Contributions. If you make a contribution between January 1 and April 15, tell the Custodian which tax year the contribution is for. If you do not indicate otherwise, the Custodian will report it to the IRS as a current year contribution (the year received). Contributions to Multiple IRAs. If you have more than one Traditional IRA, the contribution limits listed below apply to the total amount you may contribute to all of your IRAs for the year. If you also have a ▇▇▇▇ ▇▇▇, the contribution limits listed below are reduced by any amounts you contribute to your ▇▇▇▇ ▇▇▇ for the tax year. In addition, employer retirement plans may establish separate accounts to receive voluntary employee contributions. If the account meets the requirements of an IRA and you make voluntary employee contributions to that separate account, the total amount listed below that you may contribute to all of your IRAs is reduced by those voluntary employee contributions. Contribution Limits. Your annual contribution amount may not exceed $6,000 for tax year 2019 with possible cost-of-living adjustments each year thereafter, if any. For each year in which you are age 50 or older before the end of the calendar year, you may make an additional catch-up contribution of up to $1,000. Your total contribution amount (including catch-up, if applicable) may not, however, exceed an amount equal to your compensation for that tax year unless you are married and filing a joint federal income tax return. If you are married, filing a joint tax return, the total amount you and your spouse may contribute to IRAs in aggregate for any tax year (including catch-up contributions, if applicable) may not exceed the combined compensation of you and your spouse for that same tax year.
Carryback Contributions. A contribution is deemed to have been made on the last day of the preceding taxable year if you make a contribution by the deadline for filing your income tax return (not including extensions), and you designate that contribution as a contribution for the preceding taxable year. For example, if you are a calendar year taxpayer and you make your HSA contribution on or before April 15th, your contribution is considered to have been made for the previous tax year if you designated it as such.
Carryback Contributions. A contribution is deemed to have been made on the last day of the preceding taxable year if it is made by the deadline for filing the Depositor’s income tax return (not including extensions), and the Depositor designates that contribution as a contribution for the preceding taxable year. For example, if the Depositor is a calendar year filer and makes a ▇▇▇▇▇▇▇▇▇ ESA contribution on or before April 15, the contribution is considered to have been made for the previous tax year if the Depositor designates it as such.
Carryback Contributions. If you make a contribution between January 1 and April 15, tell the Custodian which tax year the contribution is for. If you do not indicate otherwise, the Custodian will report it to the IRS as a current year contribution (the year received).
Carryback Contributions. If you make a contribution between January 1 and April 15, tell the IRA Custodian which tax year the contribution is for. If you do not indicate otherwise, the Custodian will report it to the IRS as a current year contribution (the year received).